Also the S&P and Nasdaq wiped out gains booked on Friday, though traders said thin, end-of-summer conditions may have exaggerated the moves.

How do you make money when the financials crush the rest of the market?

“I don’t believe in shorting financials,” says Joe Terranova on CNBC’s Closing Bell. "It’s just too dangerous. If you must trade the space go best of breed and that’s Morgan Stanley, Goldman Sachs or JP Morgan. But at the end of the day we don’t know where we are with upside down balance sheets."

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Terranova feels the best way to trade this market is with diversification. “Overexposure to one theme is going to get you into trouble,” he adds. “I like technology, energy and some of the ag names. That way if one of the components doesn’t work another one could kick in.”

As you might know Terranova is an oil trader and in case you're wondering, he’s extremely cautious in the space. “The pressure is to the downside,” he says. I would step back and give oil a couple weeks before playing."

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